Wk 3 - Apply: Summative Assessment: Public Finance and Aggregate Dem... i Saved 13 The table below presents the tax revenue and spending for the government over five years. Government Revenue and Spending Tax Revenue Spending Budget Amount billions of billions of (billions of Year dollars) dollars dollars) Budget 6 1 $700 $700 $ (Click to select) v points 2 200 100 Click to select) v 3 500 800 Click to select) v 700 500 (Click to select) v 500 Book 500 (Click to select) v Instructions: Enter your answer as a whole number. If you are entering a negative number include a minus sign. References a. Under the "Budget Amount" column calculate the annual budget outcome. b. Under the "Budget" column determine whether the annual budget outcome is a budget surplus, budget deficit, or a balanced budget c. Suppose the government has no debt entering into year 1. At the end of year 5, what is the government's level of debt? Enter y answer as a positive value. billion